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Copyright N°_ 



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COPYRIGHT DEPOSIT. 



Publications of the 
Academy of Pacific Coast History 

Vol. I No. I 



THE SAN FRANCISCO CLEARING 

HOUSE CERTIFICATES 

OF 1907-1908 



Bt 



Carl Copping^ Plehn 

Professor of finance, Uni'versity of California 



University of California 

Berkeley, California 

January, 1909 

Price 10 cents 



liono^rrap'' 



ACADEMY OF PACIFIC COAST HISTORY. 

(Founded 1907.) 

MEMBERS OP THE COUNCIL. 

William B. Bouen , William G. Iewin 

William H. Crockek Livingston Jenks ^ 

Guy C. Earl James K. Moffitt 

Joseph D. Grant Frederick W. Sharon 

Mrs. Phoebe Apperson Hearst Leon Sloss 

William F. Herrin Sigmund Stern 

Richard M. Hotaling Rudolph J. Taussig 
BEisyrAMiN Ide Wheeler, Ex-OflBcio 

Henry Morse Stephens, Secretary 

Frederick J. Teggart, Curator 
Porter Garnett, Assistant Curator 
According to the Constitution of the Academy, there are still six places 
to be filled upon the Council. 



Extracts from the Constitution of the Academy of Pacific 
Coast History: 

Article I. 

The name of the Academy shall be the Academy of Pacific Coast His- 
tory. 

Article II. 

Its object shall be the promotion of the study of the political, social, 
commercial and the industrial history, and of the ethnology, geography, 
and literature of the Pacific Coast of Amercia, and the publication of 
monographs, historical documents, and other historical material relating 
thereto. ^ 

Article III. 

The Regents of the University of California have entrusted the control 
and administration of the books and manuscripts collected by Mr. H. H. 
Bancroft and known as the Bancroft Collection, together with such other 
historical material as is already in their possession or may come into their 
possession, to the Council of the Academy of Pacific Coast History, on 
condition that the President of the University of California be, ex-officio, a 
member of the Council, that the Secretary of the Academy be appointed 
by the Regents, and that the names of members of the Council be sub- 
mitted to the Regents for their approval. 

Article IX. 

Any person approved by the Council may become a Fellow of the Acad- 
emy of Pacific Coast History upon the recommendation of two fellows and 
the payment of ten dollars; and after the first year may continue a fellow 
by paying an annual subscription of ten dollars in advance. On payment 
of one hundred dollars, any fellow may become a Ufe-fellow exempt from 
further subscriptions. 

Article X. 

The publications of the Academy of Pacific Coast History shall be for- 
warded free of charge to all Fellows of the Academy of Pacific Coast His- 
tory, and they shall be entitled to additional copies of these publications at 
a reduced rate from that charged to the general public. 

Applications for Fellowships in the Academy of Pacific Coast 
History may be made to the Secretary, Curator, or to the Secre- 
tary of the Board of Regents, University of California, Berkeley, 
California. 



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Fi<i. 1. Old Issue. 
Note.— The signature of the President was printed, that of the Secretary was wi-itten l>y 
hand. The text on other denoniinalion.s was the same. 




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Fk). 2. New Issue. 
XOTE.— The signature on the one-and two-dollar denominations were both printed, on 
the five-, ten-, and twenty-dollar certificates that of the President was printed, while 
that of the Secretary was written by liand. The text of the other denominations 
was the same. 



Publications of the 
Academy of Pacific Coast History 

Vol. I No. i 



THE SAN FRANCISCO CLEARING 

HOUSE CERTIFICATES 

OF 1907-1908 



BY 



Carl Copping Plehn 

Professor of Finance, University of California 



University of California 

Berkeley, California 

January, 1909 



^^^ 

<:^.^'^ 
^^\^ 



\s> 



Copyright, 1908, 

BY 

The Academy of Pacific Coast History. 

f^ocaivcd from 

Copyright Office. 

MN 22 1910 



© 

SEP''23t 1909 



BERKELEY : THE UNIVERSITY PRESS 



THE SAN FRANCISCO CLEARING HOUSE 
CERTIFICATES OF 1907-1908. 



Note. — Through the courtesy of the San Francisco Clearing House, six 
complete specimen sets (cancelled) of the various forms and denominations 
of the Clearing House Certificates used in San Francisco during the recent 
financial stringency have been placed in the library of the Academy of 
Pacific Coast History, where they will be preserved for future reference. 
This memorandum is written to accompany the deposit and to provide a 
permanent record, for historical purposes, of the origin and use of the cer- 
tificates and of the events of this interesting episode. 

In October, 1907, the banks in San Francisco experienced 
great difficulty in securing coin to supply the needs of the com- 
munity for circulation. This stringency was San Francisco's 
participation in the general stringency felt all over the United 
States, and, as it had no local origin or local peculiarities, need 
not be reviewed in this connection. 

Two means of meeting this stringency and of avoiding dan- 
gerous results were applied. One was the device of "legal" 
and "special" holidays, declared by the Governor from day to 
day. The first "legal" holiday was October 31st, 1907, and the 
last was November 30th, 1907 ; these were declared under an old 
provision of the Political Code which empowers the Governor to 
declare any day a legal holiday. As these legal holidays inter- 
fered with certain proceedings of the courts and with business 
other than banking and finance, the legislature was called in 
special session, one of the main purposes of which was to devise 
a special kind of holiday which would apply only to the classes of 
business transactions affected by the stringency. The "special" 
holidays declared under the new statute began December 2nd, 
1907 (December 1st having fallen on a Sunday) and the last one 
was December 21st, 1907. As to the exact legal effect of these 
holidays, "legal" and "special," there seems to be more or less 

[3] 



4 Academy of Pacific Coast History. 

question, and some litigation thereover is now before the courts. 
The practical effect, however, was to create a general impression 
in the minds of bank depositors and with the public, that the 
banks could not be compelled to do business. This had been the 
opinion generally held as to the holidays after the great fire in 
San Francisco. Entrenched behind this view of the effect of the 
holidays and using them as an excuse, the banks throughout Cali- 
fornia, while open for business as usual, were enabled to stave off 
demands which might otherwise have embarrassed them or have 
depleted their reserves. 

The other device was the issue of Clearing House certificates, 
both for use between the banks and for the use of the public 
generally. The latter use of this device presented peculiar diffi- 
culties in California, because the people are not accustomed to 
any kind of paper money. 

The first step in this direction was the issuance of so-called 
"Loan Certificates" in large denominations ($1,000, $2,000. 
$3,000, $4,000, $5,000, $10,000 and $20,000) for use between the 
banks and in making settlements through the Clearing House. 
The plan under which these were issued was practically identical 
with that under which similar certificates have been issued in 
New York and other cities during periods of stringency. The 
first of these certificates were issued October 29th, 1907, under 
the following agreement : 

For the purpose of enabling the banks, members of the San Francisco 
Clearing House Association, to afford proper assistance to the business com- 
munity, and also to facilitate inter-bank settlements resulting from the daily 
exchanges, we, the undersigned, do bind ourselves by the following agreement 
on the part of the respective banks, namely: 

First — That a Clearing House Loan Committee of three, to be appointed 
for the purpose, be and it is hereby authorized to issue to any bank member 
of the Association, loan certificates bearing eight per cent, interest, on the 
deposit of bills receivable and other securities to such an amount and to such 
percentage thereof as may in its judgment be advisable. Provided that, in 
no case, shall certificates be issued for a greater amount than seventy-five per 
cent, of the market value of such securities; such market value to be deter- 
mined by said Committee. These certificates may be used in settlement of 
balances at the Clearing House and they shall be received by creditor banks 
in the same proportion as they bear to the aggregate amount of the debtor 
balances paid at the Clearing House. The interest that shall accrue on such 
certificates shall be apportioned monthly among the banks which may have 

[4] 



Plehn — Clearing House Certificates, 1907-1908. 5 

held them during that period; the Committee to have the right, however, to 
apportion such interest at more frequent intervals. 

Second — That the securities deposited with the said Committee shall be 
held in trust by it as a special deposit, pledged for the redemption of the 
certificates issued thereon, the same being accepted by the Committee as col- 
lateral security, with the express condition that neither the Clearing House 
Association, the Clearing House Loan Committee, nor any member thereof, 
shall be responsible for any loss on said collaterals, arising from failure to 
make demand or protest, or from any other neglect or omission concerning 
same, other than the refusal to take some reasonable step which the said de- 
positing bank may have previously required in writing, and which step the 
Committee may deem to be fairly reasonable. 

Third — That on the surrender of said certificates, or any of them by the 
depositing bank, the Committee will endorse the amount as a payment on 
the obligation of said bank, held by them, and will surrender a proportionate 
amount of securities, the character whereof shall be determined by the Com- 
mittee, except in cases of default of the bank in any of its transactions 
through the Clearing House, in which case the securities will be applied by 
the Committee: first, to the payment of outstanding certificates with in- 
terest; next, to the liquidation of any indebtedness of such bank to the other 
banks, members of the Clearing House Association, and any expenses con- 
nected with the same. 

Fourth — That the Committee shall be authorized to exchange any portion 
of said securities for others, to be approved by it, and shall have power to 
demand additional securities from the banks depositing same, at its own 
discretion. 

Fifth — That the Clearing House Loan Committee shall be authorized to 
carry into full effect this agreement, with power to establish such rules and 
regulations for the practical working thereof as they may deem necessary, 
and any loss caused by the non-payment of loan certificates and all expenses 
incurred in carrying out this agreement, shall be assessed by the Committee 
upon all the banks in the ratio of the average daily amount which each bank 
shall have sent to the Clearing House during the preceding calendar year. 

Sixth- — That the Clearing House Loan Committee be and they are hereby 
authorized to terminate this agreement, upon giving thirty days' notice 
thereof to all the banks, members of the San Francisco Clearing House 
Association. 

Seventh — That, upon the deposit of securities with the Clearing House 
Loan Committee and the receipt of loan certificates therefor, such bank shall 
execute and deliver an obligation in the following form : 

The Bank has this day received of the Clearing House 

Loan Committee of the San Francisco Clearing House Association loan cer- 
tificates issued by said Committee in pursuance of an agreement of the 

members of said Association, passed (which is made part 

hereof) to the amount of thousand dollars and has de- 

[5] 



6 Academy op Pacific Coast History. 

posited Tvith said Committee the securities, a statement whereof is hereto 

annexed; and said Bank has received said loan certificates 

on the terms set forth in said agreement, and agrees to pay the amount of 
said certificates with interest thereon, as provided in said agreement and in 
said certificates. 

Eighth — That statements shall be made to the Clearing House Loan Com- 
mittee of the condition of each bank, on the morning of each day, before the 
commencement of business, which shall be sent to the Chairman of the 
Clearing House Loan Committee, specifying the following items, namely: 

1. Loans and discounts. 

2. Bonds and securities. 

3. Balances with other banks, subject to check. 

4. Money on hand. 

5. Deposits. 

6. Loan certificates. 

Ninth — This agreement shall be duly and regularly authorized and rat- 
ified by the respective banks belonging to the San Francisco Clearing House 
Association, and a certified copy of such authorization and ratification be 
delivered to the Chairman of the Clearing House Loan Committee. 

The following is a photographic reproduction of one of the 
"Loan Certificates"; the text was the same for all the different 
denominations : 



J^o $20,000 

Loan Committee of the San Fbancisco Clearing House Association 

SAN FBANCISCO 1907 

EljlB (BtrKfitB that the 

has deposited with this Committee securities in accordance with the proceedings of 
a Meeting of the Association held October 28, 1907, upon which this Certificate is issued. 
This Certificate will be received in payment of balances at the Clearing House for the 
sum of Twenty Thousand Dollars from, any member of the Clearing House Association. 
On the surrender of this Certificate by 

the depositing bank above named, the 

Committee ifill endorse the amKoint ae a 

paymeni on the obligation of said banJe 

held by ijtem, and surrender a proportionate 

share of the collateral securitiee held there- 

for. 

$20,000 



The maximum issue of "Loan Certificates" occurred on De- 
cember 24, 1907, when the amount outstanding was $12,339,000. 

Although the agreement as cited above permitted the issue of 
certificates up to 75 per cent, of the appraised value of the bills 
receivable and securities deposited, the Committee did not in 

[6] 



Plehn — Clearing House Certificates, 1907-1908. 7 

general authorize issues beyond from 50 per cent, to 60 per cent. 
of what it considered the sound value of the security offered. 

The following table shows the issuance and redemptions of 
these certificates by weeks : 



[7j 



Academy of Pacific Coast History. 



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[8] 



Plehn — Clearing House Certificates, 1907-1908. 9 

To supply the need for an additional circulating medium in 
the hands of the public, scrip, consisting of Clearing House cer- 
tificates of smaller denominations, was issued. In many respects 
this was a new departure in the functions of the Clearing House. 
The first of these certificates designated in the accompanying 
tables as ''old issue" were in denominations of $5, $10, and $20. 
(See Fig. 1, frontispiece.) They were first issued November 4, 
1907, and, having been hurriedly prepared to meet an emergency, 
were without protective design in engraving, although printed on 
''protected" paper. A total of $1,980,320 of these was issued. 

These were replaced a week later by a new issue in denomi- 
nations of $1, $2, $5, $10, and $20. The new issue was protected 
on back as well as front with elaborate engraving. (See Fig. 2, 
frontispiece. ) 

Banks desiring this scrip deposited the interest bearing ' ' loan 
certificates, ' ' above described, with the Clearing House Commit- 
tee. Upon the return of the scrip or circulating certificates to the 
Committee the banks withdrew an equivalent amount of loan 
certificates which they could then present, if they so desired, for 
return of the original securities. Until that was done the interest 
charge continued. 

These smaller certificates were first authorized under the fol- 
lowing resolution passed by the Clearing House Association No- 
vember 1, 1907: 

Eesolvecl, That the Loan Committee be authorized to issue to members of 
the Clearing House, Clearing House Certificates of Deposit in denominations 
of $100 and less to a total amount of $2,500,000 at such times as it may 
deem necessary; that such certificates of deposit shall be secured by the 
pledge of Loan Certificates issued under resolutions of the Clearing House 
adopted October 28, 1907; that same shall be signed by one facsimile and 
one written signature and that the issue shall be under such regulations as 
the Loan Committee may prescribe. 

At a meeting of the same body held November 6, 1907, the 
following amendment to the resolution was passed : 

Eesolved, That the resolution adopted by the Clearing House Association 
at its meeting held November 1, 1907, authorizing the Clearing House Loan 
Committee to provide for the issue of Clearing House Certificates of Deposit 
be amended by removing the limit of $2,500,000 on same. And further 

Resolved, That should the Clearing House Loan Committee in its discre- 

[9] 



10 Academy of Pacific Coast History. 

tion provide for the issue of Clearing House Certificates of Deposit in de- 
nominations of One Dollar and Two Dollars, such One Dollar and Two 
Dollar Certificates of Deposit shall only be signed in facsimile by the Presi- 
dent and Secretary of the Clearing House Association. 

No interest was charged directly on the circulating scrip, or 
certificates of smaller denominations; but to procure such scrip 
the several banks had to deposit Clearing House loan certificates 
with the Clearing House Loan Committee. The loan certificates 
so deposited continued, of course, to bear interest in favor of 
their holder; in this case in favor of the committee. The loan 
certificates and the circulating scrip were immediately convert- 
ible through the Loan Committee, one into the other, both ways. 
As the bank depositing loan certificates for scrip lost the interest 
it would otherwise have received on the loan certificates, there 
was a strong inducement for it to withdraw the scrip from circu- 
lation as fast as possible and redeem an equivalent amount of 
loan certificates. This tended to contract the scrip, which, when- 
ever it became in any degree redundant, was presented to the 
Loan Committee in exchange for loan certificates. The interest 
earned on the certificates in the hands of the Loan Committee was 
used to defray the expenses of the committee, which were very 
heavy. The balance of net profit was afterwards divided among 
the banks in proportion to the amount of their clearings, which 
in as much as the certificates were accepted in payment of bal- 
ance through the Clearing House was the actual basis of their 
guarantee of the various issues; and not in accordance with the 
amount of use made of the Clearing House certificates. This in- 
direct interest charge was the cause of the prompt retirement of 
the scrip. For as long as any bank had scrip outstanding it bore 
the 8 per cent, interest charge thereon, less only its proportion of 
the relatively small sub-profit made by the committee. Banks 
using little scrip profited most. A member of the Clearing House 
Loan Committee writes: "The plan worked beautifully, the 
circulating scrip being driven in rapidly after the greatest tension 
was over. ' ' It should be added that the general aversion of the 
public in California to any kind of paper money, even to bank 
notes, treasury notes, and gold certificates, or to "currency" as 
it is commonly called to distinguish it from "money" or gold 

[10] 



Plehn — Clearing House Certificates, 1907-1908. 11 

and silver coin, aided greatly in the redemption of the scrip, 
which was returned to the banks as promptly as possible, together 
with other kinds of paper money which passed into circulation 
during the stringency. 

The connection of the "scrip" with the "loan certificates," 
involving as it did an indirect interest charge for the use of the 
"scrip," is a new feature in the history of Clearing House certif- 
icates. Somewhat similar ' ' scrip ' ' was issued in Seattle, Portland, 
and Tacoma, but without relation to the loan certificates or other 
provision for retirement or conversion. This failure to provide 
for conversion, in the cities just named, caused some embarrass- 
ment from which the San Francisco banks were free. It is re- 
ported that some banks in those cities became embarrassed by a 
plethora of scrip and a dearth of loan certificates while others 
suffered from the reverse condition. 

The smaller certificates circulated freely throughout Cali- 
fornia, Nevada, and Southeastern Oregon, some reaching as far 
east as Philadelphia and some as far west as the Hawaiian Isl- 
ands. It is reported that one was returned from Berlin and 
several from China for redemption. In all, both "old" and 
"new," $7,179,000 were issued. 

The following tables show the issues by weeks : 



[11] 



12 



Academy of Pacific Coast History. 



Week ending 
Nov. 14, 1907 



Old Issue Issued. 

$5.00 $10.00 

$580,320 $890,000 



$20.00 

$510,000 



Totals 
$1,980,320 



Totals $580,320 $890,000 $510,000 $1,980,320 



Old Issue Eedeemed. 



Week ending 


$5.00 


$10.00 


$20.00 


Totals 


Nov. 


14, 


1907 


$173,280 


$283,540 


$147,820 


$604,640 




21 




79,000 


145,000 


81,500 


305,500 




27 




69,500 


93,000 


52,000 


214,500 


Dec. 


5 




55,000 


73,500 


44,000 


172,500 




12 




53,000 


71,000 


45,000 


169,000 




19 




26,000 


38,000 


26,000 


90,000 




26 




15,500 


25,000 


10,000 


50,500 


Jan. 


2, 


1908 


23,000 


29,500 


21,000 


73,500 




9 




42,000 


53,000 


31,000 


126,000 




16 




16,500 


29,000 


16,500 


62,000 




23 




9,500 


15,500 


14,000 


39,000 




30 




4,960 


10,010 


4,200 


19,170 


Feb. 


6 




3,770 


6,940 


4,740 


15,450 




13 




3,270 


7,170 


3,700 


14,140 




20 




2,575 


4,020 


3,640 


10,235 




27 




815 


1,340 


700 


2,855 


March 


5 




415 


1,320 


760 


2,495 




12 




205 


880 


240 


1,325 




19 




400 


430 


200 


1,030 




26 




235 


330 


260 


825 


April 


3 




190 


330 


60 


580 




7 
;als . 




35 


10 


40 


85 


Tol 


.. $579,150 


$888,820 


$507,360 


$1,975,330 


Out 


;standing ... 


.. $1,170 


$1,180 


$2,640 


$4,990 



[12] 



Plehn — Clearing House Certificates, 1907-1908. 13 



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[13] 



14 Academy of Pacific Coast History. 

It is reported that the remaining certificates outstanding are 
coming in slowly for redemption. To overcome the tendency to 
hold these as souvenirs the Clearing House has arranged to ex- 
change them for certificates that have been cancelled. 



[14] 



PUBLICATIONS OF THE ACADEMY OP PACIFIC 
COAST HISTORY. 



) 

Vol. 1. No. 1. San Francisco Clearing House Certificates, hj Carl 

Copping Plehn. January, 1909. .10 

2. The Official Account of the Portola Expedition of 1769- 

1770, edited by Frederick J. Teggart. 

3. The Diary of Gaspar de Portola, 11th May, 1769-24th 

January, 1770, translated by Donald Eugene Smith. 

4. Costanso's Historical Account of the Portola Expe- 

dition, edited by Frederick J. Teggart. 

5. The United States Consulate in California, by Eayner 

Wickersham Kelsey. 

6. Bibliography of the Spanish Press in California, by 

Eobert Ernest Cowan. 

Vol. 2. The papers of the Vigilance Committee of San Fran- 

cisco, edited by Frederick J. Teggart. 

Vol. 3, No. 1. Check list of the Pioneer manuscript biographies in 
the Bancroft Collection. 
2-5. Diaries of the Portola expedition by Costanso, Pages, 
VUa, etc. 

Vol. 4. No. 1. From Alcalde to Mayor, by James Eood Eobertson. 
2. The Viceroy of New Spain in the XVIIIth Century, 
by Donald Eugene Smith. 

Vol.5. Archives of California, Vol. 1, 1768-1769, 

Vol. 6. The Diaries of Captain Juan Bautista An2a and 

Father Pedro Font. 

Vol. 7. The Letters of Father Junipero Serra. 

Ordei^s for the above publications may be addressed to The Academy 
OF Pacific Coast . History, Berkeley, California ; or to The University 
Press, Berkeley, California. 



^«\ 






